An error has forced HMRC to review and rework a number of 2016 to 2017 self-assessment tax returns, but they’re not telling the agents of those affected.
Up to 30,000 self-assessment tax returns submitted online for the 2016 to 2017 tax year have needed to be reviewed and reworked, state the Chartered Institute of Taxation. Those affected were victim to what was reportedly a calculation error which worked out an incorrect amount of tax individual were required to pay.
HMRC has carried out a review and are sending individual effect a newly calculated SA302 on which the liability will change. They are not, however, sending these to agents. Any additional tax will need to be paid 28 days after receiving the new calculation, late penalties will still apply. If those that receive these need to amend any information on their tax return, they must do this physically instead of electronically.
It has been advised that those with accountants or agents contact them, as well as accountant or agents making their client aware of the chance of receiving one of these newly calculated SA302.
It is important that advisers be made aware of amended tax liabilities to ensure clients do not make any errors upon receiving additional charges.
If you’re concerned that you may receive an amended SA302, or if you’ve already received one, speak to an expert. Contact MD Consulting today.